Asia Pacific Elevator Equipment & Service Market 2020-2027

Elevators are used to move vertically across a building, and they play a critical role in transferring goods and people from floor to floor. Several types of elevators are deployed for various purposes, including machine room traction elevators (MR), machine room-less traction elevators (MRL), pneumatic elevators, hydraulic elevators, traction elevators, and others, such as inclined elevators, dumbwaiters, paternoster, climbing elevators, etc. Along with fair usage across the residential sector, specifically in high-rise and mid-rise buildings, elevators are actively employed in industrial and commercial applications as well. These applications may include transportation of people and goods across different stories of a building like storage plants, warehouses, production plants, and others Asia Pacific elevator equipment & service market will grow by 6.9% annually with a total addressable market cap of $487.7 billion over 2021-2027 owing to the rising urbanization, upswing in digitalization, increasing geriatric population, growing construction and maintenance/upgrade activities. Asia Pacific is predicted to control the lion’s share around the market, outpacing its peers due to a steep increment in requirement from the foremost regions and underdeveloped regions, likewise Southeast Asia and India. Rely on the findings of economic analysis, China has proficiently underwritten to the growth of the market revenue and controls the noteworthy elevator and escalator market share of the Asia Pacific market pie. Therefore, in the near years, it is predicted that the market of elevator equipment and services will increase around the region more proficiently over the coming years. The established producers are aiming on building sustainable product to fascinate environmentally conscious customers. The green elevators have the countless advantages, comprising LED lights, recycled materials, and water-soluble paints. Not only has this, the market vendors are aiming on utilizing the alternatives to rope and pulley systems likewise magnetic motors are obtaining the admiration amongst the clients. The recognition delivered to such green products in fascinating investments from the producers. 

The hydraulic & pneumatic elevator segment will gain momentum by the year of 2027, attributed to increasing demand from the residential sector. With a maximum travel speed of around 40 feet per minute and a lifting capacity of up to 1,000 pounds, hydraulic elevators are considered one of the safest options due to their earthquake and fire-proof qualities. On the other hand, pneumatic elevators are often considered ideal in places with lesser space, as they do not require any machine room or pit for installation. Their modern look, unique drive system, cost efficiency, and low energy consumption make them a product of the future and may lead to the market growth. Based on end use, the Asia Pacific elevator equipment & service market is classified into commercial use, residential use, industrial use and countless other end uses. The proficient growth in investment in commercial and residential infrastructure projected in the underdeveloped and developed regions is resulting in the elevator and escalator market growth. The proficient growth in construction functions of the greatest and tallest commercial projected in countless economies are probable to improve the implementation of the product. Not only has this, the proficient growth in accomplishment of producers in proposing the products with advanced safety is projected to result in the market growth. In the region the country of India and its elevator market unleashed great potential during the previous years, driven by the exponential population growth, rural migration, and industrial development. Mounting demand for urban infrastructure like housing and commercial spaces will fuel the industry landscape. The elevators equipment & service market is influenced by the economy and the construction industry. The demand for these products is primarily driven by residential and non-residential construction activities. Although the global economy is showing some recovery from the COVID-19 pandemic, uncertainty and risks still remain prominent, Economic slowdown directly impacts several macroeconomic factors, such as employment level, business activities, consumer confidence, disposable income, and interest rates in the country. This may negatively impact investment level in the construction industry and hence, impact the growth of the elevators equipment & service market.

COVID-19 impact on the market
With the surge of COVID-19 instances, emergency measures like lockdowns and social distancing were implemented, as well as there was suspension of numerous activities and facilities in 2020. The impact of COVID-19 produced a disturbance in the supply chain, which delayed market expansion owing to a scarcity of raw materials and a personnel shortage. The COVID-19 pandemic had a little influence on the elevators equipment and service industry in 2020, with a minor reduction in CAGR. Reduced raw material output and supply chain issues have impacted the market.

Highlighted with 34 tables and 55 figures, this 109-page report “Asia Pacific Elevator Equipment & Service Market 2020-2027 by Offering (Equipment, Service), Product Type (Elevators, Escalators, Moving Walkways), Technology (Hydraulic, Traction, Climbing, Pneumatic), End Use (Residential, Commercial, Industrial), and Country: Trend Outlook and Growth Opportunity” is based on a comprehensive research of the entire Asia Pacific elevator equipment & service market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. 

In-depth qualitative analyses include identification and investigation of the following aspects:
   • Market Structure 
   • Growth Drivers 
   • Restraints and Challenges
   • Emerging Product Trends & Market Opportunities
   • Porter’s Fiver Forces

The trend and outlook of Asia Pacific market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify Asia Pacific elevator equipment & service market in every aspect of the classification from perspectives of Offering, Product Type, Technology, End Use, and Country. 

By Offering
     • Elevator Equipment
          •    Passenger & Freight Elevators
          •    Escalators & Moving Walkways
          •     Parts & Accessories
     • Elevator Service
          •     Installation Service
          •     Maintenance & Repair Service
          •     Modernization & Upgrade Service 

By Product Type
     • Elevators
     • Escalators
     • Moving Walkways

By Technology
     • Hydraulic Elevators
          •    Conventional Hydraulic Elevators
          •     Hole-less Hydraulic Elevators
          •     Roped Hydraulic Elevators
     • Traction Elevators
          •    Geared Traction Elevators
          •    Gear-less Traction Elevators
          •    Machine Room-Less Elevators
     • Climbing Elevators
     • Pneumatic/Vacuum Elevators

By End Use
     • Residential Use
     • Commercial Use
     • Industrial Use
     • Other End Uses

By Geography
     • Japan
     • China
     • South Korea
     • Australia
     • India
     • Rest of APAC (further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)

For each key country, detailed analysis and data for annual revenue ($ bn) are available for 2017-2027. The breakdown of key national markets by Offering, Product Type, and End Use over the forecast years is also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.

Key Players (this may not be a complete list and extra companies can be added upon request): 
Fujitec Corporation Limited, Hitachi, Ltd., Hyundai Elevator Co., Ltd., Kleemann Hellas S.A., Kone Corporation, Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Group, Sigma Elevator Company Limited, ThyssenKrupp AG, Toshiba Elevator and Building Systems Corporation,

(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)